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Glossary of Terms Frequently Encountered in a Debt Settlement Program
Settle - 12 to end (a dispute)
13 to pay (a bill, debt, account, etc.) Webster's New World Dictionary, Fourth College Edition
Settlement - 4 an agreement, arrangement, or adjustment Webster's New World Dictionary, Fourth College Edition.
In our program a settlement is a written agreement between the creditor and the debtor for repayment of the debt.
Settlement Offer - an offer to a creditor to settle a debt. This is the action of asking the creditor if they would accept a specific sum to completely resolve a debt owed by one of our clients.
Signature Card - a document that is used to record the identification information for a person opening a bank account. It is called a signature card because it has the clients authorized signature(s) for that specific bank account and is usually printed in stiff card paper.
Statements - a summary of a financial account showing the balance on deposit or balance due. www.meriamwebster.com
Stay - a court-ordered short-term delay in judicial proceedings to give a losing defendant time to arrange for payment of the judgment or move out of the premises in an unlawful detainer case. www.law.com
Stipulation - an agreement, usually on a procedural matter, between the attorneys for the two sides in a legal action. Some stipulations are oral, but the courts often require that the stipulation be put in writing, signed and filed with the court. www.law.com
Stocks -
a. The capital or fund that a corporation raises through the sale of shares entitling the stockholder to dividends and to other rights of ownership, such as voting rights.
b. The number of shares that each stockholder possesses.
c. A stock certificate.
d. The part of a tally or record of account formerly given to a creditor.
e. A debt symbolized by a tally. www.yourdictionary.com
Summary Judgment - a court order ruling that no factual issues remain to be tried and therefore a cause of action or all causes of action in a complaint can be decided upon certain facts without trial. A summary judgment is based upon a motion by one of the parties that contends that all necessary factual issues are settled or so one-sided they need not be tried. The motion is supported by declarations under oath, excerpts from depositions which are under oath, admissions of fact and other discovery, as well as a legal argument (points and authorities), that argue that there are no triable issues of fact and that the settled facts require a summary judgment for the moving party. The opposing party will respond by counter-declarations and legal arguments attempting to show that there are "triable issues of fact." If it is unclear whether there is a triable issue of fact in any cause of action, then summary judgment must be denied as to that cause of action. The theory behind the summary judgment process is to eliminate the need to try settled factual issues and to decide without trial one or more causes of action in the complaint. The pleading procedures are extremely technical and complicated and are particularly dangerous to the party against whom the motion is made. www.law.com
Summons - a document issued by the court at the time a lawsuit is filed, stating the name of both plaintiff and defendant, the title and file number of the case, the court and its address, the name and address of the plaintiff's attorney, and instructions as to the need to file a response to the complaint within a certain time (such as 30 days after service), usually with a form on the back on which information of service of summons and complaint is to be filled out and signed by the process server. A copy of the summons must be served on each defendant at the same time as the complaint to start the time running for the defendant to answer. Certain writs and orders to show cause are served instead of a summons since they contain the same information along with special orders of the court. After service to the defendants, the original summons, along with the "return of service" proving the summons and complaint were served, is filed with the court to show that each defendant was served. A summons differs from a subpoena, which is an order to a witness to appear. www.law.com
Trial - the examination of facts and law presided over by a judge (or other magistrate, such as a commissioner or judge pro tem) with authority to hear the matter (jurisdiction)… www.law.com
Wealth - 1. Abundance of valuable material possessions or resources. 2. All property that has a money value or an exchangeable value b: all material objects that have economic utility; especially: the stock of useful goods having economic value in existence at any one time. www.meriamwebster.com
Withholding - to deduct (withholding tax) from income. www.meriamwebster.com
Writ - a written order of a judge requiring specific action by the person or entity to whom the writ is directed. www.law.com
Writ of Execution - a court order to a sheriff to enforce a judgment by levying on real or personal property of a judgment debtor to obtain funds to satisfy the judgment amount (pay the winning plaintiff). www.law.com
Writ of Garnishment - (see writ)
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